Take the steps outlined below in the year end checklist for small business owners to close out the year with confidence and prepare for your tax return filing.

1. Gather All the Necessary Documents

   Bank Statements

   Credit Card Statement

   Loan Statements

   Receipts

   Invoices

   Contracts

   Payroll Records

2. Review & Reconcile Accounts

   Reconcile all bank accounts, credit card accounts and loan accounts.

3. Organize Income & Expenses

   Ensure all income is recorded, including cash and check deposits. 

   Review expenses for accuracy and retain receipts for your records.

4. Clean Up Accounts Receivable & Accounts Payable

   Follow up on unpaid invoices and determine if any should be written off. 

   Pay outstanding bills or verify they are scheduled.

5. Track Year-End Deductions

   Record business mileage, home office expenses and any charitable donations. 

   Capture major year-end purchases or asset acquisitions.

6. Verify Balance Sheet Accuracy

   Review assets, liabilities, and equity to ensure they are properly recorded. 

   Clear old balances in accounts that no longer apply.

7. Run Key Financial Reports

   Profit and Loss (P&L) Statement: Review your income and expenses. 

   Balance Sheet: Check your financial position at year-end.

8. Prepare Tax Documents

   Collect receipts, invoices, and records needed for tax filing.

   Review quarterly estimated taxes and ensure payments are up-to-date.